Europe

Trump Is Playing You

Note: Soren K is a group of 4 writers to whom I contribute on commodity market posts-Vince Lanci

Written by Soren K and MarketSlant. 

On Sunday we reported that concerns have spread in Europe about a potential nuclear "incident" following a recent report by a French nuclear watchdog agency - the Institute for Radiological Protection and Nuclear Safety (IRSN), the French national public expert in nuclear and radiological risks - that radioactive Iodine-131 had been observed across much of northern and central Europe. Since the isotope has a half-life of only eight days, the detection was an indication of a rather recent release. As the Barents Observer added, "where the radioactivity is coming from is still a mystery."

In this holiday-shortened week, attention will be on the US FOMC minutes, housing data and consumer confidence. There will be GDP, PMI and inflation releases across the Euro Area as well as the latest Greek Eurogroup meeting. Look for GDP and public finances data in the UK. In emerging markets, there are monetary policy meetings in Brazil, Colombia, Korea and Kazakhstan.

Watch Fed minutes for more clarity on March FOMC

Despite US markets being closed in observance of Washington's birthday, S&P futures spiked during overnight trading, reaching new all time highs before fading some of the gains. Both Asian and European markets traded modestly higher after paring early gains. The U.S. dollar traded in a tight range ahead of a busy week for Federal Reserve events, while the pound rallied the most in more than two weeks ahead of a House of Lords Brexit debate, while South Africa’s rand fell on political turmoil. Oil advanced for a third day and spot gold rose for the fourth session in five.

There are concerns about a potential nuclear ‘incident’ in Europe. According to reports, small amounts of highly radioactive radioisotope, iodine-131, of unknown origin, have been detected over large areas of Europe. A nuclear ‘incident’ in the vicinity of the Arctic circle may have spread the mysterious radioactive leak during the past week.